Stock market turmoil extends to crude prices

Brent crude futures were at $65.51 per barrel at 0721 GMT, flat from their last close and up from a 2018-low of $65.12 a barrel reached early in the session.

Rising U.S. oil production has been looming over the market, with output up by 1 million bpd in the previous year to about 10 million bpd. WTI (West Texas Intermediate) crude, which until then was trading at about $50 a barrel, surged about 20 percent in one month following the crisis.

Futures fell as much as 1 percent in NY after Department of Energy data yesterday showed US crude production jumped to a record 10.25 million barrels a day last week.

The EIA's weekly data came on the heels of an upwardly revised forecast for total US production this year and next.

The agency also said that stockpiles of crude rose by 1.9 million barrels in the week ended Feb 2.

Oil prices fell for the fifth session in a row Thursday on the back of surging US production and rising inventories. American production has now eclipsed Saudi Arabia's, and Citigroup Inc. expects it to breach 11 million barrels a day by the end of summer, earlier than the United States government's forecast for November. However, another data from API showed a decline of 1.1 million barrels.

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Crude oil has also been under pressure from a stronger U.S. dollar, which is on track for its biggest weekly rise in more than a year.

Oil fell for a third day on Tuesday as the USA dollar rose to its highest in more than a week in the wake of a sharp sell-off early this week on Wall Street and other stock markets.

"As a member of OPEC and a large crude producer, I would imagine they would be very self-sufficient in their own crude supply", said Andy Lipow, president of Lipow Oil Associates LLC.

The level of American oil production has 40 years of records.

In a statement to CNBC, an official said: "We're always concerned when the market loses any value, but we're also confident in the economy's fundamentals".

According to Platts analysis, China's imports from OPEC countries increased by 7.1 percent on the year to 4.7 million bpd in 2017, but OPEC's market share dropped to 55.8 percent from 57.4 percent in 2016.

But Mr Jaafar Altaie, managing director of Manaar Energy Consulting said there are still persistent downward threats to the price from the rise in the United States shale oil production and weak compliance among Opec members.

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